Central Bank of HungaryC

The Central Bank of Hungary (MNB) was established in 1924, which aims to achieve and maintain price stability.

MNB monitors the activities of financial and capital market institutions, funds, insurance companies and institutions of the financial infrastructure (regulated market, clearing house and central depository), both on-site and off-site.

MNB is committed to financial consumer protection, as well as to market surveillance intended to eliminate unauthorized, unlicensed financial service providers, or those without prior notification.

The Regulatory Framework: Hungarian Central Banking Act.

Generally speaking, MNB-regulated broker profile will be found at the Financial Service Providers page on MNB website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as follow:
1. Find the Identifier number (preferred) or name of the forex broker, which you can get from the broker's website;

2. Enter the Identifier number no. or name into the search bar on https://intezmenykereso.mnb.hu/en/Home/Index ;

3. And you'll get the broker's contents on MNB website. At this time you will open the 'ACTIVITIES' and check if the broker has the authorization to provide 'Foreign exchange services on own account where these are connected to the provision of investment services';

4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on MNB website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a MNB-regulated broker, you can proceed the following ways:

1st way:The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way:If you're not satisfied with the broker's solution, try to contact FINANCIAL CONSUMER PROTECTION CENTER of MNB, which helps to solve the disputes between the forex broker and the investor.
You can send a letter, a fax or an e-mail to FINANCIAL CONSUMER PROTECTION CENTER.
Contact
Address: 1013 Budapest, Krisztina krt. 39
Phone: 1+ 36 80 203 776
Fax: + 36 1 489 9102
E-mail: ugyfelszolgalat@mnb.hu
Mailing address: 1534 Budapest BKKP Postafiók: 777

3rd way:If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Hungary.